LaserCard Receives $11 Million Order to Support Continuing Rollout of Angola’s National ID Program
$8.8 Million of Optical Media-Based ID Cards and $2.2 Million for Personalization Systems and Consumables
Mountain View, Calif., January 6, 2010–LaserCard Corporation (NASDAQ:LCRD), a leading provider of secure ID solutions, today announced that it has received an $11 million follow-on purchase order to supply the government of Angola with $8.8 million of optical security media cards and $2.2 million of integrated card personalization systems and consumables for the country’s new national ID program. This is a follow-on order in addition to the $11.6 million order for cards and systems announced in October 2008. In July of last year, LaserCard began production and initial shipment of cards under the earlier order to meet the official launch of the advanced credential program in October, when the country’s citizens began to receive cards.
Deliveries of cards under the new order are scheduled to begin in February 2010 and to be completed by August 2010. The cards, which are being issued as secure ID credentials to adult citizens nationwide, store personal and biometric identification information. Delivery of the integrated personalization systems and related consumables will be completed during the Company’s fourth fiscal quarter ending March 31, 2010.
About LaserCard Corporation
LaserCard Corporation, together with its subsidiaries, is a leading provider of secure ID solutions to governments and commercial clients worldwide. It develops, manufactures, and integrates LaserCard® optical memory cards, multi-technology cards, encoders, peripherals, smart and specialty cards, biometrics, and modular software. The Company’s cards and systems are used in various applications, including citizen identification, border security, government service delivery, and facility access.
For more information, please go to http://www.lasercard.com.
Forward Looking Statement Disclaimer
All statements contained in this press release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are not historical facts or guarantees of future performance or events. Rather, they are based on current expectations, estimates, beliefs, assumptions, and goals and objectives and are subject to uncertainties that are difficult to predict. As a result, our actual results may differ materially from the statements made. Often such statements can be identified by their use of words such as may, will, intends, plans, believes, anticipates, visualizes, expects, and estimates. Examples of forward-looking statements in this release include expectations that the total $11 million in goods will be delivered by August 2010. This and other forward-looking statements in this press release are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to whether the customer’s scheduled delivery dates are rescheduled or canceled in whole or in part, and whether the Company encounters card production difficulties as well as the risk factors detailed in the Company’s Form 10-K and 10-Q filings with the Securities and Exchange Commission under the caption “Risk Factors” and elsewhere in such reports. Due to these and other risks, future actual results could differ materially from the Company’s expectations. These forward-looking statements speak only as to the date of this release, and, except as required by law, the Company undertakes no obligation to publicly release updates or revisions to these statements whether as a result of new information, future events, or otherwise.
For Further Information
Steven G. Larson, VP-Finance